OSX Base System is part of the OS X installer. Typically it is inside the Application package that installs OS X & is not normally visible. If you have followed guides on the web to create a USB install disk it may have copied it to another location, which you may be able to delete safely.
Please explain exactly where you are seeing this item, the OS Base System installs many tools, which you need to avoid removing. If you have a file path post that info here (try 'reveal in Finder' via a right click if Disk Utility will do that). If you remove it from a valid installer inside the Applications folder it will simply damage it & require you to redownload the installer.
The disk image will still use disk space even when 'unmounted', you have to delete the disk image to reclaim the storage.